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Feeding the Rental Appetite

HUDSON COUNTY indisputably rules the rental housing market inNew Jersey: It has the largest supply of Class A units — around 13,000, according to industry experts — and commands the highest average rental rates of any part of the state. This year and next, that rental kingdom is projected to grow rapidly.

Developers are already at work on, or have recently announced, projects that will add several thousand more units in waterfront communities like Hoboken, Jersey City and Weehawken, and hundreds of other units elsewhere.

Hudson County is one part of the state where builders “can still get the economics to work” in their favor, said David Barry, the president of the Ironstate Development Company in Hoboken.

“You have to add in the fact that multifamily rentals seem to be the only thing for which builders can get a construction loan from lenders these days,” Mr. Barry added, noting that this factor was keeping the rental development market “very warm, if not hot.”